The growing multiplicity in social media platforms is fuelling the growth of enterprise social networks and online communities market. Augmenting adoption of software such as google plus and office 365 across different organizations to performs various business activities primarily influence the progress of the market. The growing remote working culture is also positively influencing market expansion. High demand by the enterprises to communicate with their business partners in real-time is accelerating the adoption rate of such online platforms. The surge in usage of social media imparts significance to content analytics in the market, creating profitable prospects for the analytics service providers. The Healthcare industry is expected to lead the end-user segment and is estimated to value US$2548.5Mn by the end of 2026. In addition to this, the retail and consumer goods segment is forecasted to generate significant revenue in the market. Prominent market players are introducing cost-effective platforms to capture small and medium scale enterprises. Established companies are investing to enhance their market visibility and branding. Major companies profiled in the global enterprise social network and online communities market are Salesforce, Cisco Systems, VMware, Microsoft Corporation, Lithium Technologies Inc., Google, Inc., Vanilla Forums, Zoho Corporation ,and Igloo Software.
Growing usage of social media among enterprises impacting the market positively
Different types of social media platforms are being increasingly used in various types of organizations and business houses. Examples of these include Google+ and Office 365, and such type of software are being majorly used by various professionals and companies for the purpose of communication and sharing of files/documents and information. In addition, professionals also communicate with different entities outside the organization for the purpose of different job-related openings and opportunities, apart from engaging in promotional and marketing activities. Organizations are spending a lot on advertising the launch of new products, details regarding product discounts and other offers in order to increase their sales and also enhance their brand visibility online. Also, companies are even connecting with their business partners through such portals and platforms in real time. Due to the growing adoption of social media and increasing use by organizations, the market for enterprise social networks and online communities is expected to receive a huge boost during the period of assessment.
Increasing use of content analytics driving the growth of the global market
Content analytics is another aspect that is driving the market for enterprise social networks and online communities. With the aid of analytics, organizations can monitor the social interactions related to the product or service that they are offering in the market. In addition, with the help of analytics, organizations are able to understand the image of the company with statistical analysis. Organizations are in a position to take decisions on the basis of information provided by such analytics tools which are related to product trends, growth and failure. This is another potential factor that is expected to drive the enterprise social network and online communities market. For example, Alcatel-Lucent, an IT and telecom company, is utilizing enterprise social networking applications to analyze data and to perform several analytical observations in order to under the various problems that the organization is facing. Alcatel-Lucent is also using this technology for communicating with their various offices located worldwide.
High cost of implementation may deter various small and medium companies from adopting enterprise social networks
Since the cost of implementing enterprise social networks is high, such type of system can come across a financial burden to small and medium enterprises. In order to implement such type of platforms in organizations, expansion of IT infrastructure and training of employees is required. In addition, such type of platforms need other business technologies to integrate. This can enable the organizations to use the facilities of these platforms for business purposes, and to improve their communication with their customers. Small and medium sized companies may not be interested to invest in such type of social networking platforms, as the cost of such platforms is high. The high subscription cost of these platforms is expected to have a negative impact on the growth of the enterprise social networks and online communities market during the period of assessment.
Global Enterprise Social Networks and Online Communities Market Analysis, By Industry
The healthcare segment in the global enterprise social networks and online communities market was valued at US$ 729 Mn in 2017. This segment is expected to reach a valuation of US$ 2,548.5 Mn at the end of year 2026, and reflect a CAGR of 15.6% during the period of assessment 2018-2026. The government segment was valued at US$ 414.3 Mn in 2017 end and is expected to reflect an exponential CAGR growth during the period of assessment. The retail and consumer goods segment was valued at US$ 475.2 Mn in 2017 end.
Overview of the global enterprise social networks and online communities market with reference to the global ICT market
The global digital ecosystem has been continuously evolving over the last few years. The worldwide ICT sector has witnessed some key disruptions of late and governments of various economies are devising and implementing smart and inclusive regulations to govern sector penetration and facilitate technology connectivity to all parts of the world. Even as the world of technology prepares for a massive revolution with unimaginable advancements powered by machine intelligence, here are some of the key drifts presently trending the global ICT sector:
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